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Suppose there are only two countries in our world - Zooboolooland (we can call it 'Z' for short) and Econotopia (we can call it 'E' for short). Zooboolooland and Econotopia both have the ability to produce two goods, widgets and sandals. In a year Zooboolooland can produce 100 widgets OR 500 sandals while Econotopia can produce either 150 widgets OR 400 sandals.
Assume currently each country spends half the year producing widgets and half the year producing sandals - would specialising and trading help both of these countries? Graphically represent your answer.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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